State Bank of Dorvik
The State Bank of Dorvik (Dundorfian: Staatsbank Dorvik, Staatsbank) also known as the Dorvish State Bank is the central bank of the Federal Republic of Dorvik. It is granted its authority by the Constitution of the Dorvish Republic, the State Bank as it is commonly known is the successor to the Federal Bank of Dorvik and earlier the Central Bank of Dorvik which was replaced when the Federal Republic was founded, despite the numerous movements the State Bank and it's predecessor has remained as the central banking institution of the Dorvish state. The State Bank is headed by an appointed President, the President of the State Bank is appointed by the President and confirmed by the national legislature. The President is the overall director of the State Bank and is responsible for cooperating with the Minister of Finance and the Minister of Trade and Industry, the development of monetary policy of Dorvik. The State Bank grants a fourth of its profits to the Government of the Dorvk for uses in various sectors of the economy. This is akin to the Foreign Economic Council which is the sovereign wealth fund of Dorvik. History The Federal Bank of Dorvik traces its roots back to the Central Bank of Dorvik which was responsible for many of the same things that the Federal Bank is responsible for. The Free Republic of Dorvik saw the establishment of the first modern central banking system in Dorvik, the central banking system in Dorvik previously had been torn apart by years of political and financial instability, the Dorvish Federation's establishment saw the replacement of the Central Bank of Dorvik. The Federal Bank was approved by the first Federal Assembly that was held, the Dorvish Social Nationalist Party was instrumental in the establishment of the bank, formerly the Central Bank had been responsible to oversight by the government of Dorvik however it was determined that the Federal Bank would be better had it been independent of federal authority. The Federal Bank has provided a majority of investments for Dorvish infrastructure, alongside the Federal Investment Fund (the sovereign wealth fund of the Dorvish Federation), is responsible for investing into projects throughout the nation. Former Chairman Igor Schultz was responsible for establishing the rule that a fourth (1/4) of the Federal Bank's profits are directed towards the Federal Investment Fund to ensure that various places of the Dorvish infrastructure are developed. In 3739 the Federal Bank was granted the ability to regulate the Dorvish banking industry which was taken from the Ministry of Finance, the conflict was ended quickly when the President of the Dorvish Federation, Gunther Konigsmann ended the argument by signing a presidential decree which granted the Federal Bank the ability to regulate the Dorvish banking industry, he also granted them the ability to issues licenses to banks. The presidential decree was controversial however due to comments made by the Minister of Finance who was later silenced according to sources when his budget was threatened to be cut. The role of the Federal Bank of Dorvik evolved when it became the State Bank of Dorvik during the Dorvish Republic, the title of Chairman became President and the State Bank took an integral role in the economic management of the economy. The State Bank of Dorvik transformed into the Federal Bank of Dorvik once more following the foundation of the Federal Republic of Dorvik in 4166. The Federal Bank played a major role in the Economic Crisis of 4200 which saw a major economic collapse, the then President of the Federal Bank at the time Otto Florian von Weinsedorf worked tirelessly with the Dorvish government including the Ministry of Finance and the Ministry of Trade and Industry to prevent a total economic collapse. Despite the collapse of several hundred businesses, mostly small to medium size enterprises the Dorvish economy suffered moderately and following the end of the recession in roughly 4207 von Weinsedorf resigned. Underneath President Ludwig Franz von und zu Czimnetz who was appointed as the successor to von Weinsedorf in 4207, the Dorvish Federal Bank aggressively pursued renewed economic revival and the President of the Federal Bank was instrumental in assisting push the Dorvish Trade Association and the Economic Pact. Underneath President von und zu Czimnetz, the Federal Bank of Dorvik joined the International Development and Stability Bank. At the restoration of the Dorvish Republic, the bank was renamed the State Bank of Dorvik. Governance and duties The President of the State Bank of Dorvik is appointed by the Dorvish head of state, the national legislature is responsible for hearing and vetting the candidates. The President must be approved by two-thirds (2/3) of the national legislature. The President is assisted by a Board of Directors who are appointed by the President through various means of application, the Board of Directors assists the the President in the development of monetary and financial policy of the Dorvish state. The State Bank is independent of the Dorvish government though the financials of the State Bank are audited by the Dorvish government, independent private and internal auditors. The actions of the State Bank, however, are not able to be audited by the government of Dorvik. The State Bank of Dorvik is responsible for the issuing of Dorvish Dolgars, the national currency of the Dorvish state. The State Bank operates a central mint in the Hafenstadt borough of Haldor; the State Bank is also responsible for dealing with cases of counterfeiting. The State Bank is responsible for protecting the national currency. The State Bank issues banking licenses for banks throughout the Dorvish state and is responsible for oversight of the Dorvish banking industry alongside the Dorvish Ministry of Finance. The State Economic Police (Dundorfian: Staatswirtschaftspolizei) are responsible for investigating cases of counterfeiting and other economic and other spheres related to the State Bank. The Chief of the State Economic Police is a State civil service member and holds the rank of General-Director. Funding and money Branches *State Bank of Kordusia *State Bank of Miktar *State Bank of Westmark *State Bank of Dorvan *State Bank of Largonia Notable figures *Otto Florian von Weinsedorf (4200 - 4207) - President of the Federal Bank of Dorvik, oversaw the economic crisis and prevented major economic collapse. *Ludwig Franz von und zu Czimnetz (4207 - Present) - President of the Federal Bank of Dorvik, former President of the Federal Bank of Kordusia, appointed following the retirement of Otto Florian von Weinsedorf. Category:Economy of Dorvik